Transcripts For CSPAN2 Key Capitol Hill Hearings 20240622

Iran nuclear deal. President obama held a press conference to answer questions about the idea and rejected to idea it leaves tehran on the brink of the bomb and argued the other opportunity is war. He addressed israels concerns after Benjamin Netanyahu called it a mistake. Here are a couple minutes of the remarks israel has legitimate concerns about its security relative to iran. You have a large country with a significant military concerns are missiles pointed toward tel aviv. So i think they are very good reasons why israelis are nervous about irans position in the world generally. I said this to the Prime Minister and directly to the israeli people. I also said they are compounded if iran gets a Nuclear Weapon. For the objections or for the Republican Leadership that is already spoken none of them have presented to me or the American People a better alternative. I am hearing talk of this is a historically bad deal and threaten israeli and the world and threaten the united states. I mean there has been a lot of that. What i havent heard is what is your preferred alternative. If 99 of the World Community and the majority of Nuclear Experts look at this and say this will prevent iran from getting a nuclear bomb. And you are arguing this is temporary or because they get a wind fall of their accounts causing more problems then you should have some alternative to present. I have not heard that. And the reason is because there are only two alternatives here. The issue of iran obtaining a Nuclear Weapon is optained diplomatically through negotiation negotiations or through force war. Those are the options. You can see the coverage of the iran deal tonight or any time including all of the president s remarks of the British Foreign secretary weighing in and a discussion on the capability of the International Atomic agency to monitor whether iran sticks to the agreement. Chris skewerttewart, will talk about the role in renewing the Nuclear Agreement with iran and we will talk about the update on the no child left behind edgeucation law. Washington journal beginning live at 7 a. M. Eastern time. Nasa scientist and Researchers Show off the latest and most detailed photographs of the dwarf planet pluto from new horizons that passed by on tuesday. We will see detailed photographs of pluto and its moon over the next hour. Good afternoon, welcome to the John Hopkins University i am here from the office of communication. To set the stage for todays press conference please welcome to the podium associate administrator and science and director from washington, d. C. Dr. John grunsfeld. [applause] welcome, everyone. It is full auditorium here at the lab. I was worried no one would show up. Actually, i wasnt worried at all. Anybody get sleep last night . I am not hearing too many affirmations of a good night sleep. The team was probably excited about the data pass this morning as was i. I would like to take you on a discussion and i will not say a lot. The first image i would like to bring up was taken two hours ago by the Solar Dynamics observe tory. I think you know where we are going. Mercury, venus from there, if anyone doesnt recognize the next planet please leave the auditorium and we will escourt you to area 51. The red planet mars i had to get a hubble image in there somewhere. I realize i missed one. Jupiter which some of the moons and shadows. To saturn. What a wonderful mission chatty this is just striking. Neptune. And for a grand finale i turn it over to alan stern, the Principle Investigator of the pluto new horizons mission. [applause] before we turn it over to alan, i have a few words to say. Yesterday, americas Space Program took another historic leap for human kind. Today, the new Horizons Team is bringing what was previously a blurred point of light into focus. We have presentations from our panel. We will open up with questions with media here on social media, and we will go to the phone lines. You can join the conversation on social media, twitter, and facebook and if you have questions on social media send them to asknasa. The images and information you will hear today of course for more days and weeks will be online at nasa. Gov newhorizon. Allylan stern needs no introduction so i will go to the project scientist from the John Hopkins University Physic Laboratory followed by the coinvestigator in flag staff, arizona, and followed by kathy deputy project scientist from the southwest research institute. And john spencer, another new horizons coinvestigator from the southwest research institute. And with that, alan it is all yours. Thanks i had a good day yesterday. How about you . [applause] new horizontal is now more than a million miles on the other side of pluto that is how fast we are moving. Having the closest approach yesterday morning. The spacecraft is in good health communicating with the earth again for a number of hours this morning beginning about 5 50. We got data from the five scientific instruments already and we will report on some of those results but we are just skimming the top of it. There is a lot in just the things we will talk to you about. We have big news. From the first resolve image of plutos outer most moon the discovery that chiron has been active. Go ahead. [applause] and there are mountains in the belt. This system is amazing. All of your news today relates to the surfaces of pluto and its satellite. We will talk more about the surfaces in the precedent on friday down at nasa Head Quarters but we will bring in atmosphere results as well. I got a great data set to the ground from it solar operation in which we are learning things about plutos atmosphere so stay tuned for friday on that. With that, i am going to turn it over to our project scientist and howl will give you some hydrotherapy. Thank you, very much. This is going to be awesome images you will see in a new minutes. Pluto has four small moons as well we want to collect data on. Starting from closest to pluto and going out is sticks nicks and two others. This morning we got the first really well resolved images of one of them. This is shown scale two miles per pixel. This is about the same number of pixels that we had across pluto in midjune. We are acstatic about this. Prior to the new horizons revealing here we were totally uncertain about how big this moon was. It could have been 20 miles across to almost a 100 miles across. New horizons has made it easy. This counts the number of pixels across. 28 by 19 miles and it is not a planet. 30 larger in one dimension than the other. Variations in the brightness of the surface you can see. This shows what we did here was actually subsampling the image so it is four time subsampled to take away the pixilated look. As well as contour showing the brightness and changes. They took cuts across the measure the approximate places where you have the longest dimension in the green and shortest dimension in the yellow. The surface is surprisingly large. 45 reflectivety. So about 45 of the sun light is reflected way. And that can only mean that the moons surface is probably composed primarily of water ice. That is the only way to get it that bright. And that is cool. It is intermediate between chiron and pluto. A nice thing we have coming up is more observations of the moon with an entire resolution about two or three better and we are looking forward to those. But it is great. We have already seen it revealed and it looks interesting. Thank you. Very nice. [applause] will grundy leads the Composition Team and he is going to report results they have obtained. Okay. So the ralph instrument is the one we rely on for surface composition. It is composed of a color camera and infra red camera called lisa. We dont get any data from either of those instruments yet. This is data coming in the safely data sets overnight from the 12th13th. This is a base map. You can see the heart region is rotating on. This was a little while ago. This is an overlay of lisa data. So what i did was each of those large pixels about 150 kilo kilometers is an infra red pixel. These colors are just three in infra red wave lengths. We could make a variety of color maps to pull out specific compositional information. This familiar one is focused on methane. I put a band into the the blue color channel, a continuing region in the green channel, and a much stronger methane band in the red channel. And i am showing at lower resolution than the color yesterday the diversity of terrain. What i will do now is pick out a couple specific regions although you can see there are many different regions here. These two regions of interest one is 3 by 3 pixel box and another is in a dark region. I can focused on the polar cap and the other the time region. You can see the spectrums are different. They both have methane. But the overall shape of the spectrum is very different. We can really extend modeling here and thinking about what they tell us. There is a lot of information. We only have a small subset of the lengths at this point because we dont have the bandwidth to get more down. This is provided a lot of information on the different regions and how they work. Thank you, will. [applause] yesterday we showed you a Beautiful Image of pluto made just before the closest approach and sent to the ground. Today we will show an image of similar resolution on the big satellite and deputy science project manager is going to discuss those results. I thought chiron might be a terrain covered in craters. Many people thought that might be the case. Chiron blew our socks off today. If you can pull it up so we can take a look [applause] we have been thrilled all morning. The team has been a buzz. Look at this or that. That is amazing. I will walk you through the things we see in the image and tell you what you what we are thinking about. I will start in the north and work down. You saw the darkish area at the north pole. That is called mordore and that is the darkest area near the pole. You can see this is a natural color image. The red color extends beyond the deepest part of the polar region. We think the dark coloring could be a vieneer. You can see the location at the north pole where a crater has perhaps dug into that region and excavated underneath it. So you can see those brighter regions that may be craters. You can say that area is polygon shape as well. Going from the northeast to the southwest is a series of troughs. And that is striking and amazing to see this image. They extend about 600 miles across the planet. This is a huge area and it could be due internal processing and we will look at that in more detail. Just below the region the line you see cutting across from the northeast to the southwest, more eastwest than north south, is a region where it is relatively smooth and less craters. Two teachers near the top at the two oclock position you can see a canyon. You can see a notch where you are looking through to visit space on the other side. That is about four to six miles deep. I find it fascinating. It is a small world with deep can canyons, troughs, cliffs and dark regions that are myster hazardous hazardousmysteracrobatics i mysterios to us. There is no much interest science in this one image alone. We have higher resolution image we will get that will not cover the whole chiron but cut across the northern part it will get the dark area and it will be about the factor of better resolution. As we have been saying pluto did not disappoint. I can add that karen did not disappoint either. Thank you. [applause] well, yesterday when we showed that Beautiful Image of pluto, we noted we would have imagery with ten times the resolution on the ground by today. In fact john is going to tell us about the first frame on the ground already. We have a bunch of High Resolution pictures on board the spacecraft. This is just one small part of one of those observations. This is amazing image. But we are now focused on small details on this amazing world. Before i go tonight, i should say that we have an informal name for the heart. The heart is a good name but we want to honor and discover those in pollute and we are calling it reggio. [applause] if i can have the slide back. We will focus near the bottom of the image near the day night line where we have shading that shows the relief in sharp focus. We will focus on the narrative to the left of the bottom of the frame. If we can run the movie now. Zoom in on this area. [applause] that was our reaction too. So the whole of this is regions around it covering a variety of terrains, and this is the first thing that caught our tension. This area from the scale bar is about 150 miles across. We have seen features as small as half a mile. You can see the apl campus on this image. The most stunning things well there are many, but the most striking geologically is we have not found an impact crater. This means it is very young because pluto has been bombarded by others. We are eyeballing it thinking it is less than a hundred million years old which is a small fraction of the four and a half billion year age of the solar system. With no craters, you cannot guess how old it might be. These are spectacular here. They are up to 11,000 feet high. There may be higher ones elsewhere. We know the surface of pluto is covered in nitrogen and ice. You cannot make mountains from that. So we are seeing the bed rock or the bed ice of pluto. We are seeing the icy crust of waterized, Strong Enough for pluto temperatures to hold big mountains and that is what we think we are seeing here. The nitrogen and methane are coat coating on top and we are seeing that here. We see features on the moons and this decimation of the gravity here is interaction with other moons. This is telling us you dont need this to power ongoing recent activity on the icy world. It is an important discovery we made this morning. [applause] i know this is just the first of many amazing lessons we get from pluto and there is going to be more on friday. We will have more of this mosaic to show you on friday that will show equally amossazing things. I will followup on the same image so we can leave it up here to enjoy and i will tell you a couple other implications we reached. To expand on what john said we have an isolated small planet that is showing activity after four and a half billion years. We thought this might be the case after voyager two discovered orbiting neptune has no impact craters. But we were not sure for the reason john said. It is only now that tidal energy could have powered activity due to making into could have been towering the activity. This cant be the case and we settled the fact these planets can be active after a long time. It will send people back to the drawing board to understand how to do that. There is another implication and sometimes things work out in science, a couple months ago in may, kelsey singer who is a postdoc on the project and myself submitted a column to the science journal making predictions. The steep topagraphy means the mountains must be made of water ice. Even before the team says they found places where the nitrogen veneer has been scraped off and we see ice on pluto we can be sure water is there in great abundance and it is was predicted by models but it is nice to see it driven home. The other thing it means is the volatiles have just a frosting and a veneer on the surface. The sticky point in this is plutos atmosphere is being lost to space at a rate of 1027th molecule per second and over the age of the solar system that corresponds to the loss of an equivalent lnt layer of 3 kilo meters of oxygen. If we only see veneer and we know what is going on what kelsey and i predicted in that paper, is if we saw steep to topogography it must be driven up through geysers or another process that is active. We have not found geysers and we have not found volcanos but this is strong evidence that will send us looking as we get more data to look for evidence of these phenomenal events. That paper submitted in may was accepted today interestingly enough. How is that . [applause] the results telling you now because she is watching. That summarizes the primary things we want to tell you about the data that landed this morning. Each of these images and data sets have a lot more to tell us about plutos history and about small planets and how they are formed and evolved. I want to make one more comment about tom roggio. We could see the heart many miles out and resolving the planet a little better than hubble can do from three billion miles away. Because this is the brightest and most prominent feature on the planet that is why we want to informally call it tombaugh reggio. [applause] ladies and gentlemen, before we take questions from the media here and on the phone lines of social media, i want to take a moment to say it has been a remarkable week. It has been magical as we transition from the John Hopkins University applied Physic Laboratory to nasa Head Quarters for press conferences the world has been watching. Dr. John grunsfeld, five time astronaut and repair man and head of the directory of more than almost a hundred missions he is a household name and household nationally and internationally. Alan stern, yes you are, on the new Horizons Team and the john hopkins applied Physic Laboratory household name show the world how much you appreciate that and what they have done this week with the nice and loudest you can round of applause for their accomplishments. [applause] [applause] okay. Lets get to the questions. If you can raise your hand high we have a full house. I want to get as many as you can clearly. Lets start here. And wait for the mike and give your name affiliation. Ilene thanks. My first question is for kathy does the realization that sharon is active have implications for the origin theory of being splat off others . I dont know yet. So off the top of my head the first thing is that i was thinking we would see like craters and that would tell us something about how long ago it cratered. The fact we dont so the craters makes that difficult to do. But i dont know that yet. We will fit it together and see what it means. We are making progress right now. That is my answer. Just briefly, we dont know how many craters are on this. This image is being com pp presspressed and we get better images tomorrow. Speculating now will be embarrassing. But sharon would have been beneficial in the impact. All of the materials to form chiron would have been worn. This looks more recent. So we have a story that we have someway of keeping heat and activity going for quite a long time. Rick love free lance those mountains look big. Any theory of how they originated . Are they volcanos . Or tetonic . They are about 11,000 feet high. We dont know yet. They look to be tens of thousands of miles wide. They stack up against the Rocky Mountains or other significant ranges here on earth. We want to see more about the distribution and we are going to get so much data soon we are still cracking at it. Just to follow ilenes question, the large gash across chiron, is that related to a title spinning or is this plus the smooth areas inside . We have to count the craters and have better images to do that. We know there are not many craters but in terms of the timing we will need bet images. Chip reed with cbs news. Dr. Stern, i would like to ask you a question with no scientific words in it. I interviewed you before the fly by and the only prediction you made was he would see something wonderful. Have your expectations been met . What is the most wonderful thing we have seen so far . I will give you a technical answer you think . I think the whole system is amazing and my prediction written 20 years ago on a slip of paper in a vanilla envelope was proven right. The pluto system is something wonderful. Bill . Yeah question for kathy bill with cbs, the structure of that dark Northern Region on this photo is so much more six areas within that area. Does this inform anything about the pluto atmosphere transfer salts we have been talking about and how the trail is deposited it on the surface . There is definitely different subregions inside that region. You can see it on the pictures if you zoom in you can see it in more detail as well. There a number of theories about what the dark region might be. I dont know that the distribution of the darker parts within it actually in detail inform that. To really inform that i am looking forward to getting the images back from the ralph instrument. And if that is a basin it will be obvious and it is a raised plateau that would mean Something Else. Nick from wide magazine. With regards to both the features on pluto and charon what could be powering active geology . We think we well okay let me think. As you can tell we have a couple options. One would be, that radio active material inside pluto and charon is inside any body made up of the solar system stuff and radio active heat is powering a lot of the geology on the earth but the earth is bigger and keeps the heat. This may say even small bodies if icy radio active heat is enough to produce this activity. But there may be ways it can store heat for long periods of time. Maybe you can have an ocean that is gradually freezing and releasing heat into the crust and that can power the heat. Whether the heat generation is ongoing or still living off this reserve of stored energy from its formation is for more work to decide. One thing we can say for sure is tidal energy is not at work and we know that because pluto and charon are in equal librium. It is spinning at the same rate pluto spins. So there is no Significant Exchange of tidal energy anymore. That process, according to models, took place pretty quickly after the giant impact. Very small fraction of the age of the solar system. That is not contributing to the Energy Budget currently. We have to get more clever. We will take three questions so i can get to as many media. Then we will go to the phone line and take a couple questions from social media and come back here. One. I am one of the people in the room that can remember when the first pictures came back from mari mariner four and you could hear the balloons popping and it is not like earth. Craters and atmosphere is thicker. I dont hear balloons popping today. It seems pluto is pretty much the kind of world we thought it was going to be. Would you like to comment on that and is that because we are that much further along . I would say i am completely surprised and disagree with the statement. I didnt expect chiaron to show the variety of surface it shows us. That is a balloon popping and complete surprise. In addition i think having one image of about one percent of the surface of pluto the planet and mountain ranges like the rockies and a balloon popping. My colleagues might disagree. Why dont we ask them . Who would have thought there were ice mountains . It is just blowing my mind. We had a hard time finding evidence of water ice on the surface of pluto. We havent yet. We have are going to have data reveal that but that is the only way to get the huge mountains. That is a big surprise, i think. I can speak to that. The image yesterday showing the diversity of com scissional units on the surface and the diversity showing mortphing points to prophecies and we thought it was a few prophecies and now it is much more complicated and this is leading to a power of processes that are working in different ways on different parts of the surface. That is amazing and this is going to keep us busy for a long ways to come. I would never have believed the first picture of pluto didnt have a single impact crater on it. Emily from the planetary society. I am wondering if you can read the spectra for us and see if you see dents and squiggles. And it is time to consider maybe the charon could have formed recently . All of the dips are methane ice and the other features are subtle and will require model to pull them out. Just drawing your eyes to the right hand side of it. You can see it going down to almost zero. The red one doesnt go down to zero. That tells me there is Something Else present in the red terrain that scatters light where methane absorbs strongly. There is an example of these things. You can corner me later and we can chat as long as you want about this stuff. I dont want to put people to sleep. But there is a huge amount of information in the data. Okay. Lets go to the phone line. I believe we have a question on the phone line. Caller https 18miles. Wordpress. Com 2010 05 20 pleasestop sayingcommittedsuicide the spectrum that was referenced and a question from a alan stern. What specification are you going to get and how will you be able to map it up against the terrain . Some of the stuff is looking like waste i saw teaching organic chemistry. Will you map where it is coming from and down to specific organic chemicals . I had a hard time. It wasnt loud enough. Keith, can you speak and repeat the question . Caller how much specifications will you have in assessing the surface features and seeing specific organic chemicals mapped against the features. I can the question is how well we will be able to determine the composition of the surface and spot other organics on the surface. We will have High Resolutions compared to what we are showing you here. About a hundred times not quite a hundred times, but we will have roughly 510 kilometer range. So in every pixel we can look at things smaller. We will not look at large blocks of terrain but look at the interfaces of the planet and looking at the craters that are windows to the interior. I will let will speak to the organics we can find. Argone is a good example of this. We cannot detect it because there is no vibration in the wave length. The alice instrument can see it in the atmosphere but on the surface we are blind. It is a mixed bag. We will be able to learn a lot more than what we know today. Can i add to that . A couple examples of what we could expect to find. Sure, so the carbon chain with hydrogen stuck, we could distinguish between propane and methane and so on. We can look at hydro carbon and distin distinct features. I was going to add there is other ices that have features in this region. There is waterized Carbon Monoxide ice, and nitrogen ice. You can see slopes across the spectrum. Things that dont have sharp features you can identify they are there by the infra red spectrum. Lets see what is going on in the social media world. It is a buzz so we will turn it to emily. I am not nasa Head Quarters from and we have a lot of questions. The first is from david and he asks, what if anything, can we learn about our own planet from what new horizons is providing . We expect the data sets will teach us about the formation of the earthmoon system. We will get Atmosphere Data sets and let us study the escape of plutos atmosphere. The swap instrument combined with the alice instrument give us constraint on the escape rate. Pollutes atmosphere is escaping from a process that you just dont find on any other planets in the solar system. The most interesting thing is the same process did operate in the early atmospheres of a number of planets including the earth. In fact the earth is believed to have lost its original helium envelope so we were never able to study this. By going to pluto and observing the process and determining how fast the atmosphere is escaping and knowing the input conditions, the solar flux at the time we made the flyby for example, and the radiation environment in the plasma will give us a good handle for thefirst time on the numerical models used to understand the earth. This has application do is the loss of water from early mars as well. We are looking forward to learning things from the pluto system that will ultimately translate into the a better understanding of other planets in the solar system we are taking two more questions. I know some folks have been raising hands for a long time. I want to get to you. If the mike handlers know someones hand has been raised give them the mike. Lets go back to social media. Two questions and we will come back. This is from herald. He is asking how large of a percentage of pluto is going to be viewed by new horizons and will there be any blind spots . I am happy to take that. We are going to cover the entire eluminated part of pluto. All of the parts that rotate into view. It takes 6. 4 days for pluto to rotate so some at higher resolution. Some terrain at higher resolutions than other. But just like on earth when you have the winter pole and it is darker the sun doesnt rise so that winter pole of pluto we will have to make a special observation to try to observe that. We will use the light going from the sun and reflecting off plutos large moon charon and reflects pluto. Charon is feeble and we will do the best detail with those images. We are looking back toward the sun with the sun in our eyes to make it more difficult. We will have fun pulling details out of that but we will do our best. Thank you. One more. Sure. This question is from will. How do you think pluto is able to maintain its own geo activity foresee for so long . If you have silica rocks, and pollute pretty much has to to make the density come out right because water ice is not dense enough. It comes for uranium and various elements that give off heat as they decay. The naive expectation, or naive in hindsight was a world this size wouldnt get enough heat to drive this kind of activity. Now we see it can. Or there is a lot of heat in an internal ocean. As the internal ocean freezes that liberated the heat and it will tend to make the world expand in size because ice is larger than liquid depending on which phase of ice you make which would also produce features like this. I want to thank the world for sending questions to asknasa and following the project. Back to the questions about the situation. It is strange to the terrain and thank that looks like a fault. I dont know about the stage it looks really right and it is really strange. The piles of stuff with grooves on it. The little spots that we can say more about. This is being erosion and mountain building. This is baffleling in a very interesting and wonderful way. I hope that when we get more information we can figure it out. Do you see a pattern to that might suggest the formation of those mountains . Are they being pushed up like bridges . Dancing around the edges, you can see the ridges informally. The terrain is at the base and that is where this is. This is a view of more of the surface. Ann marie. Some of the features on the very good resolution square are kind of long and thin. I dont think it would be a lava flow and yeah. But, yeah there a lot of parallel features as you say and maybe it is falling into surface of some strange erosion but we will have fun figuring it out. I am not sure if the fact area is covered at High Resolution but we will have more detailed images of the area and other areas nearby when all of the data comes down. Leo . Leo with irish television. Your finding on internal heating today. Are they a game changer for the way we should be thinking about other objects in the belt . I am thinking in particular if i could take it to the extreme does it raise the prospects of water world out there . Does it increase the excitement about what we might see out there . We have a cluster here. Josh vogel, new scientist we had not talked about the familiar stones called we could think of as analogous. Is that because they dont look similar enough . We already no from exploration. Well as we are starting to make those the 1st thing is, this does not look like triton the world we have thought up to now. Does not have this kind of rugged terrain. It has materials but does not look at all like this. Something very different about the tony geometry. Sharing muchgeometry. Sharing much a little bit like some of the most of uranus. Aerial where we have invoked the meeting. As i said, we see now that we can get these kind of activities on wheels that do not have by leading. We have to go back and look at those. Add to that, part ofthat part of the reason your not hearing us a pluto looks like this or that world is because pluto has so much diversity. Seeing so many different futures. Lots of different processes. We will probably end up falling apart. This part resembles that but theyre is nothing like it. It will take two quick questions and then end. Lets see if we can follow them up. Thank you. This question may be for alan or whatever you want to delegate to. Hydra activity, 11,000 feet tall. I am wondering today in the Mission Operations room how that feels to see ishis come down command to open it and no that yesterday you had one and now you have something ten times better and tomorrow it will get betters. [laughter] a lot of questions. You dont understand anything. Honestly a few days before most of the purchasing. Finally getting tofinally getting to the safer we can see geography and topography. Now i can characterize the individuals something close to bedlam. Particularly today. Particularly today, our biggest challenge. Living on less sleep. Imagery came down. Just before 6 00 a. M. Began nine hours later. More data coming down today. Many times it is wrong to work with the data and discuss. Within the next time we come back and talk to you, a week later still. This is our off the press. I dont think anyone of us could have imagined. This is what we came for. Physics easily came for. Take us home. Last week i was surprised by the difference in color. Have you seen anything that is beginning to inform the question . Purchase mark on the image color contrast and pluto surface. The highresolution and colorencoder data sets. Something was making these two words very different. One is any other is colored in these volatiles. It is a puzzle, a real puzzle. This is just the beginning. We will transition to the next News Conference at 1 00 p. M. Eastern on friday. More information going out tomorrow. Follow the mission and the incredible images and information on social media. Join the conversation, follow the conversation. Asked nasa and all the information is online. It has been a remarkable week. Nasa, new horizons and applied physics lab. Truly household names throughout the world. Thank you for joining us. We will see you at nasa headquarters. [applause] the New Hampshire union leader and iowa gazette has indicted all 17 of the gop residential candidates to what is being called the voters 1st forum scheduled for august 3. Live coverage. Here is more about what to expect. At union leader. Com this is the headline. The 1st for the gop. Joining us from our publisher of the New Hampshire and junior leader. Thank you for having me and thanks for chasing playing a part of this. We are pleased to be a partner. How and why does it come about . It came about because we were seven months, six and a half months from the 1st voters getting a chance. Iowa, New Hampshire, South Carolina. Fox got the 1st official debate. Fox announced that only ten candidates based on accomplish the National Polling in august were going to determine the ten seats. As you no a lot more credible candidates the map and we thought it unfair that only ten get to be on the stage. We said we were going to do our own event. This was prompted by more than 50 New Hampshire republicans. Protesting this format and asking that they instead break the top polling candidates in the two groups cosponsors. What is the format and objective . A couple things. We know them because were in a group called the independent newspaper group. Theyre arent a lot anymore South Carolina and one or two in iowa. All the candidates we will be introduced in short bio windss read by an announcer. One of the time the candidates we will be called upon states to sit with the moderator to imagine him and him jackie who runs radio show quite well respected. Respected. He does not ask got you questions. He asks tough questions. They will come in part from a survey will put on union leader. Com 25 or 26 topics. And taxis we will be formulating questions command we will put them one at a time to the candidate. We have not done as far as mixing of the questions and do gets what. I no were not going to announce the order of the candidates until that night because i dont want the 1st one skipping out after the last one not coming in to his or her turn. We expect people have upwards of 15 candidates which would be great which is what iowa, New Hampshire and South Carolina are all about. Looking at all the candidates before making a decision and looking for comparing what they said the same time in the same place which is what fox is unable to accomplish. The form life. Seven pm eastern. You have been in touchs. What do you to what are they tell you about this approach . They like it especially the ones who are not the bestknown candidates. Donald trump wont have any trouble getting on the stage based on his polling numbers. Thenumbers. The candidates have trouble with the fact that donald trump its on thursday may not. Its Lindsey Graham has said brad pitt to get on the stage based on the polling. Candidates like graham, like elder john rohan unofficially in the race outside looking in. That troubles them. Senator graham is having a press conference in New Hampshire later today to continue to protest the way this is going down. But we have now had eight candidates accept our invitation without reservation. They theyreservation. They really have not asked much. We send them an invite. They arethey are happy to do it. I think especially because they appreciate the early primary and caucus states. Finally, as the publisher of the union leader in New Hampshire you have seen campaigns of candidates. Soon to be 17. Have you you ever seen such a crowded field . s. Theyre have been a lot of names but credible candidates with the democrats had aid wants. Republicans back in 1980 Ronald Reagan had quite a few called at this number. Will details available online. The publisher of the New Hampshire union leader. Thank you once again. A month after an investigation dozens of the nations busiestnations busiest airports the subcommittee will hold a hearing on the readiness of the air Marshals Service at 10 00 oclock eastern. Testifies about the economy and Interest Rates. Federal reserve chair janet yellen said the economy will probably be ready for interestrate hikes. The Business Insider rights and the most intense moment congressman john duffy asked about the leagues ended up in a private investor newsletter. At exchanges about an hour and 15 minutes and it is threehour hearing. The committee will come to order. The chair is authorized. The annual testimony of the board of governors i now recognize myself to give an opening statement. Last week this committee begin a series of hearings examining the dodd frank act, one which vastly expanded the powers and reach of the Federal Reserve beyond its traditional Monetary Policy will. The evidence continues to mount that our nations less stable, less prosperous times is free. We continue to be mired and lackluster halting economic growth. Middle income paychecks are 12,000 has compared to the average postwar recovery. The brutal truth is millions continue to do to her on the brink of poverty. One way our economy can be healthier is for the Federal Reserve to be more predictable in the conduct of Monetary Policy. Economic growth moderation of 1987 to 10,003 the fed follow them were clearly communicated and understandable and predictable rule. America prospereds were left with socalled Forward Guidance which remains amorphous,amorphous, opaque, and improvisational. This leads to investors and consumers being lost in a rather hazy mist as they attempt to plan their economic futures and create a healthier economy. As one former fed pres. Ezra monitor policy uncertainty creates inefficiency in the capitol market. Thethe fomc gives lip service to policy predictability but his statements are vague. The fomc preachesthe fomc preaches the policy is data dependent the obama tell us what date and now. Following mantra policy conventions with the power to amend it or deviate from this in no way interferes with the feds Monetary Policy independence. Accountability and independence are not mutually exclusive. Next we in congress would be grossly negligent if we did not engage in greater oversight of the Federal Reserve system. Dodd frank and 1st sweeping new powers on the fed to regulate and control virtually every corner of the Financial Services sector of our economy completely separate and apart from its traditional Monetary Policy role. Yet too often the fed appears to shield these activities from public view improperly cloaking them behind Monetary Policy independence second the fed has now employed a historically unprecedented massive popups lets credit markets are paying interest is on excess reserves and keeping Interest Rates near zero. Zero. The fed has blurred the lines between fiscal and Monetary Policy. The fed has recently crossed the line by willfully ignoring a lawful congressional subpoena for documents. Thisdocuments. This is inexcusable and unsupported by legal precedent and cannot be allowed to stand. The feds refusal to cooperate in a congressional investigation threatens both his reputation and credibility. The fed is not above the law. It is a serious matter and must be resolved. Thethe chair now yields to the Ranking Member three minutes for helping statement. Thank you and welcome back. I am pleased you are hear as we commemorate the fiveyear anniversary of the enactment of the dodd frank wall street reform act. Dodd frank was signed in the long just as we emerged from the worst economic collapse in a generation no one was destroyed nearly 16 trillion in Household Wealth and 9 million jobs displaced 11 million americans from there homes and double the Unemployment Rate. We have seen improvement. Significant progress has been made directing practices. Delivered victimized consumers with greater transparency. Putput in place clear rules of the roads. That stability along with the help of extraordinary monitor policy accommodation has led to growth including the creation of nearly 13 million private sector jobs, unemployment falling to its lowest rate since september 2008 recovery house market, Housing Market with significant increases in 401 k balances and the s p 500. These improvements, a picture of an economy that has recovered. The gap between communities of color and women versus the white male counterparts remains dramatic. Aa lackluster 1st quarter and strong dollar is slowing abroad sapping momentum. As such ii hope the board of governors we will continue its slow and cautious approach to raising Interest Rates. As you know, raising interest raising Interest Rates does not in itself create a Strong Economy. Thethe Strong Economy must be the impetus for raising rates. If inflation can continue and numerous indicators of slack, it is my hope the Federal Reserve will fully consider the impact of any potential interestrate increase in the middle class and those communities and have yet to benefit from the economic recovery. I irecovery. I thank you and look forward to your testimony and yield back the balance of my time. The gentle lady yields back. Up over here. Sorry. Theres like you are closer to the botanic garden. Thank you for honoring my request. Todays hearing provides us with another opportunity to examine how the Federal Reserve conducts Monetary Policy and by the development is in desperate need of transparency. The feds recent high degree of discretion and lack of transparency suggests that reforms are needed. I continue to encourage the Federal Reserve to adopt the rules based approach and to continue to communicate that rule to the public. Last congress professor Allan Meltzer testified over the 1st hundred years the Federal Reserve history Monetary Policy is operating more effectively if you follow simple and clearly understood rules. They came close to operating. The best two and fed history. In 1920. 48 and an 8528 and an 85 to 2,003. They operated under some form of golden standard and the 2nd under the taylor rule. Those were the two and only two that have low inflation are relatively stable growth, small recessions a quick recoveries. I ask that you work with me in this committee to develop a foundation for rules based Monetary Policy that we will properly borrow and constrain the fed. While also allowing the fed to be more transparent to not only Market Participants but the American People. Thank you and i yield back. The gentleman yields back. The gentle lady from wisconsin for two minutes. Thank you. You. I am happy to welcome you back and i look forward to your testimony. I think this committee will benefit from your strong background in economics. We are of course in the midst of us cant two years job growth. 5. 6 million jobs. I have some concerns. You talk about slack in the labor market. That slack is disproportionately borne by africanamericans and latinos. So this brings me to the critical importance of the full employment part. And so while we are plotting upward theyre are still many storm clouds. I want to see growth which we will create jobs and decrease the national debt. I cringe at the austerity policies of this Republican Congress because ii think it works at cross purposes with your progrowth policies. I want to here you talk about that. That. Your predecessor came to congress and said the shutdown for example of counter productivity. We want to get the slack out of the labor market. Congress needs to embrace growth policies that we will help working people, wall street is doing just fine. But we need to invest in education and infrastructure, increase the minimum wage so we can get more Consumer Spending money you know, i read in your testimony that the us exports are slumping but this committee has refused to reauthorize the export import bank. These are unforced errors, and i thank i thank you and look forward to hearing your testimonys. The gentle lady yields back. We welcomeback. We welcome the testimony of the honorable janet yellen. Previously testified before our committee. Evolution is no further action. If the request of the chair i wish to inform all members ii intend to adjourned the hearing at 1 00 p. M. This afternoon. Without objection. The statement we will be made a part of the record and you are now recognized for five minutes to give an oral presentation. Thank presentation. Thank you for being here. Thank you. Chairman, Ranking Member members of the committee, i am pleased to present the Federal Reserve semiannual Monetary Policy report to the congress. In my remarks all discuss current Economic Situations and outlooks before turning to monitor policy. Since my appearance before this committee in february the economy has made further progress toward the Federal Reserve objective of maximum employment. While inflation has continued to run below the level that the fomc judges to be most consistent over the long run with the Federal Reserve statutory mandate to promote maximum employment and price stability china [the Unemployment Rate stands at 5. 3 percent slightly below this level at the end of last year and down more than four and a half Percentage Points from its 10 percent peak in late 2009. Meanwhile most of the gains averaged about 200,000 somewhat less than the robust 260,000 average seen in 2014. Itit is still sufficient to bring the total increase of employment to more than 12 million jobs. Other measures of job Market Health are also currently in our direction with noticeable the clients past year and a number of people suffering longterm unemployment and in the numbers working parttime who would prefer fulltime employment. However, these measures as well as the employment rate continue to indicate that there is just like in labor market. For example, too many people are now searching for a job that we will likely do so if the labor market and stronger. Although theyre are attentive signss that wage growth has picked up it continues to be relatively subdued, consistent with other indicators of slack. This while labor Market Conditions have improved substantially they are in the fomc judgment not yet consistent with maximal employment. Even as the labor market was improving domestic spending in production saw no softened notably. Real gdp is now estimated to have been little changed in the 1st quarter after having risen at an average annual rate of three and a half percent of the 2nd half of last year. An Industrial Production as declined a bit unbalanced since the turn of the year. Will these developments bear watching some of the sluggishness seems to be the result of transitory factors including unusually severe Winter Weather labor disruption and statistical noise. The available data suggests moderate case of gdp growth in the 2nd quarter as these influences dissipate. Wwor continues to grapple with weak markets and financial conditions. Economic growth abroad could also pick up more quickly than anticipated providing Additional Support for u. S. Economic activity. The u. S. Economy also might snap back with influences holding down first half growth and the boost to Consumer Spending from oil prices. As i noted earlier, inflation continues to run below the 2 objective. With the personal price index up only one quarter of a percent over the 12 month ending in may. The core index which excludes the volatile food and energy is up one and a quarter over the same period to a significant extent, total pce inflation reflect influences that are likely to be transitory. Particularly the steep declines in oil prices and non energy imported goods. In indeed they have started to stable recently. Monthly inflation readings confirmed the 12 month change in the pce price index is likely to remain near its recent low level in the near term. My colleagues and i continue to expect that as these dissipate and the labor market improves further, inflation will move gradually back to our 2 objective over the medium term. Marketbased measures of compensation remain low although they have risen some from their levels earlier this year. Longerterm expectations have remained stable. The committee will will continue to monitor Inflation Development carefully. Regarding Monetary Policy to promote maximum employment and stability as required by our statutory mandate from the congress. Given given the Economic Situation that i just described, the committee is judged at a high degree of Monetary Policy accommodation remains appropriate. Consistent with that assessment would continue to maintain the market range for the federal funds rate at 021 quarter percent and has kept the Federal Reserve at their current elevated level to help accommodate financial conditions. In its most recent statement they noted that if judged it would be appropriate to raise the target range when it is seen further improvement in the labor market and is reasonably confident that inflation will move back to the 2 objective over the medium term. They will evaluate it on a meeting by meeting basis depending on the assessment of realized and expected progress toward its objective of maximum employment and 2 inflation. If the economy evolves as we expect, Economic Conditions likely would make it appropriate at some point this year to raise the federal funds rate target. Thereby beginning to stabilize. Projections in june for the target range would likely become appropriate before year end. Let me me emphasize again that these are projections, based on the anticipated path of the economy, not statements of intent to raise rates at any particular time. The decision by the committee to raise its target range for the federal funds rate will signal how much progress the economy has made in healing from the trauma of the financial crisis. That that said, the importance of the initial step to raise the target should not be overemphasized. What matters for financial conditions is the entire expected path of Interest Rates, not not any particular move including the initial increase in the federal funds rate. Indeed the stance of Monetary Policy will likely remain highly accommodative for quite some time after the first increase in the federal funds rate in order to support continued progress toward our objectives with maximum employment and 2 inflation. In the projections prepared for our june meetings, most participants anticipated that Economic Conditions would involve over time in a way that will warrant gradual increases in the federal funds rate as the headwinds that still read strain activity activity and inflation rises. If if it proves to be more vigorous than currently anticipated and inflation moves higher than expected, then the appropriate path would likely follow a higher and steeper trajectory. Conversely if conditions were weaker than the appropriate trajectory would be lower than currently projected. As always we we will regularly reassess what level the funds rate is consistent with achieving and maintaining the committees dual mandate. Id id also like to note that the Federal Reserve has continued to refine it plans pertaining to the deployment of tools when the committee judge its it appropriate to begin normalizing this policy. Last fall they issued a detailed detailed statement concerning its plans for policy normalization. Over the past few months, we have announced a number of Additional Details regarding the approach the committee intends to use when it decides to raise the target of the federal funds rate. These statements pertaining to policy normalization, constitute recent examples of the many steps the Federal Reserve is taken over the years to improve our Public Communications concerning Monetary Policy. As this committee well knows the board has, for many years delivered and extensive report on policy and Economic Development at semiannual hearing such as this one. When they long announced the policy decision by issuing statements shortly after its meetings followed by minutes with the full account of policy discussions. And, with an appropriate lag meeting transcripts. In recent years they have included Quarterly Press conferences and participant projections for economic growth, unemployment, unemployment inflation and the appropriate path for the committees Interest Rate target. In in addition, the committee adopted the statement in 2012 concerning its longer run goals and Monetary Policy strategy that included a specific 2 longer run objective for inflation and inflation and the commitment to follow a balanced approach in pursuing our mandated goals. Transparency concerning the Federal Reserves Monetary Policy is desirable because better public and the understanding enhances the policy. More important however is the Transparent Communications reflect the Federal Reserves commitment to accountability within our democratic system of government. Our various communication tools are important means of implementing Monetary Policy. They have many technical elements. Each step forward in our communication practices has been taken with the goal of enhancing these effective policies and avoiding unintended consequences. Effective communication is also crucial to ensuring that the Federal Reserve remain accountable but measures the ability of policymakers to make decision about policy free of shortterm political pressure in the name of transparency should be avoided. The Federal Reserve ranks among the most transparent of Central Banks. We publish a summary of our Balance Sheet every week, our Balance Sheets are audited annually and made public every security we hold is listed on the website of the Federal Reserve bank of new york, any conformance and transaction level data on all of our lending , including the identity of borrowers and the amount they borrowed is published every two years. We must avoid unintended consequences. This could undermine the Federal Reserves ability to make Monetary Policy in the long run best interest of American Families and businesses. In sum, since the february 2015 monetary 15 Monetary Policy report, we have seen despite the soft patch and Economic Activity in the first quarter, that the labor market is continued to show progress toward our objective a maximum employment. Inflation has continued to run below our longer run objective but we believe transitory factors played a major role. We continue to anticipate that it will be up appropriate to raise the target range for the federal fund rates, when the committee has seen further improvement in the labor market and is reasonably confident that it will move back to its 2 objective over the medium term. As always, the Federal Reserves remain committed to employees and to employee its tools to best promote the attainment of the dual mandate. Thank you, i would would be pleased to take your questions. Thank you. I hate to take up time to ask this, but its an important matter. As we know they vastly expanded the Monetary Policy role of the feds through no fault of your own, there has not been a vice chair for supervision appointed. My counterpoint in the senate has requested that you come on a semiannual basis until such a time that the president fills that position and testify on the macro prudential regulatory role of the fed. Your written response to our request, put to put it politely was not responsive. Will you voluntarily honor our request . If you answer yes ill take that as an answer if its no ill give you a moment to explain. I stand ready to respond to rest request from this committee. Thank you i will take yes for an answer and we will certainly issue those invitations. I want to discuss with you the power of 13. 3 cause. There seems to seems to be a growing consensus on both sides of the aisle that dodd frank notwithstanding its intentions, to constrain 13. 3 did not hit the mark. In fact Elizabeth Warren has been outspoken on the matter and is introduced Bipartisan Legislation on the senate side in this regard. Setting aside the arguments on whether or not the aig bailout was a good thing or bad thing post dodd frank is that your interpretation that the fed retains the power to do a similar bailout of aig where counterparties and creditors could receive 100 cents on the dollar including foreign entities . So let me start by saying the role of lender of last resort is a critical responsibility of the Central Banks to fulfill around the world. Its why the Federal Reserves was created. I i do believe this is a very important power we need to address liquidity and pressures in times when there is unusual financial stress. However Congress Congress did amend section 13. Three in dodd frank to allow the reserve to extend emergency credit to the Financial System only through facilities that have broad based eligibility. We could not use those powers to address the needs of a single firm like the aig situation. Several other firms and aig bailout was made available to a specific firm as long as it was made to multiple firms. There is still nothing preventing the fed from ensuring counterparties and creditors get 100 cents on the dollar. Is that correct . Or do you disagree question marks. Section mark. Section 13. Three was amended to state specifically dash. Im familiar with the statue, im trying trying to figure out if you think it constrains creditors getting 100 cents on the dollar. Well if we have fight feeling Financial Firms we would not be able to place a broad base of facility that was intended to help those firms. That is not allowed by dodd frank. Let me ask you this question. There. There is a difference of opinion there. Federal reserve Bank President recently gave a speech dealing with 13. Three and dealing with moral hazard. I agree the last resort is important but so is moral hazard in creating systemic risk. The president said a final step may be required before Financial Stability can be assured. This would would mean repealing the Federal Reserves remaining lending powers and further responding the feds ability to to lend to failing institutions. Are you aware of his views on this topic . I am aware of his views but i disagree with him. When do you expect. He has been amended to limit our powers to bail out a single or a failing firm when do you expect we will have the final rule on 13. 3 because three because we know there were 800 pages dedicated but we see no such effort in defining the concepts and solving it in broadbased. We are presently seeing no strength to this. When are we expecting to see a final rule . Wiese put out a draft rule and received a number of comments and are working hard to come out with a revision. I expect it will be out in the fall. Thank you the time has expired. We now recognize a Ranking Member for five minutes. Thank you mr. Chairman. Chair yellen, this morning i woke up to yet another story about discrimination against minorities. It seems honda has been caught by charging higher Interest Rates on their loans to africanamerican and latinos. When i hear those kinds of stories im reminded about the predatory lending practices that took place in this country in 2008 and how these practices were targeted to minority communities. When they compared the income and the credit that blacks and minorities, the credit records to the credit records of whites, it could be the same that they were paying higher rates. When i when i look at the loss of wealth in these communities based on subprime lending, i cannot help but wonder when this is going to stop. While we have you here today and were talking about policy and Interest Rates qualitative easing and et cetera, i dont know how much you can do to deal with this inequality. I dont know if theres anything you can do that deals with discrimination, that deals with racism, that deals with income inequality that deals with the problems that causes this great wealth gap that so big now that it will never be closed. We hear a lot of talk about income inequality and the wealth gap and we look at the high Unemployment Rates in the African American and latino communities and sometimes you just think, despite the struggles despite all of the work, despite the challenges some of the stuff will never go away in this country. So, i guess im asking you because you have a responsibility for some of what goes on in this economy relative to some of these issues. What could you do . What could you do about honda and the banks and the creditor practices that continue to vouch you know African Americans and latinos, and offer these products to our community . What do you say about all of this . Let me begin by saying the practice that you described and the inequality, the impact that it has on africanamericans and disadvantaged groups is something that greatly concerns me. I think it is of tremendous concern of all americans. In terms of what we can do when it comes to lending we are responsible for supervision of Financial Institutions to make sure they adhere to fair lending practices and we test regularly in our consumer compliance exams to make sure that the firms we supervise are abiding by congresses rules pertaining to equal credit opportunity act to make sure there are not unfair Credit Practices that are being directed toward minorities or toward any americans. That is an important goal that we work to make sure the banks we supervise meet their responsibilities, which i think has been a benefit to low and moderate income communities, and more broadly, and, in terms to our monetary responsibility, maximum employment and stability are the two major goals that are assigned to us. The the downturn that we experienced after the financial crisis where unemployment rose to over 10 , was particularly punishing to africanamericans and lower skilled workers. A Strong Economy, getting the economy recovering and trying to get it back to maximum employment, lowering the Unemployment Rate traditionally africanamericans and other minorities have had higher Unemployment Rates. We dont have the tools to be able to address structure of unemployment, but across groups, but a Strong Economy generally really does tend to be beneficial to all americans. That is is what we are working toward. There are other policies that i think congress could consider that would address these issues. The time of the young lady has asked byard. We now recognize the young man. We share a respect for rulesbased Monetary Policy as you put it when you served on the fed board in the mid 90s. What sensible Central Banks do and we are in pretty good company. The past president of the Federal Reserve bank of philadelphia spoke of the importance of rules and regulations. To practice it as part of us systematic policy framework. I believe that is the key way to affect policy decisions. Testimony before this committee in december of 2013 former director of the Congressional Office also endorsed a rulesbased policy saying certainly i would like to see a far more ruled base up approach by the Federal Reserve that doesnt rule out discretion. They can pick the rule they want to operate, but if they can provide it to the congress and the American People the American People will know what they are up to and they themselves have said Forward Guidance is critical. We need to know what they are going to do. Rules provide that. Im curious when you and your colleague at the fed will adopt a rules based policy. So you used the term systematic policy and i want to say that i strongly endorse following its systematic policy and during my term as vice chair and as chair i have tried to promote a systematic Monetary Policy. I believe believe we do follow a systematic Monetary Policy dash. But not a rule youre willing to share. Not a rule based on two variables but let me point you first in the Monetary Policy report on the second page of the report we have a clear statement of our longer running goals and Monetary Policy strategy. Any strategy has to begin by articulating what the goals are very clearly and the strategy that will be followed. Thats what we do their. But you do agree a rulebased policy is a better way to go. I dont agree that a rulebased policy is a better way to go. There is not a single central bank in the world that follows a rule that would rely on only two variables we take into account wealth of information informing our judgments about the economic outlook. The way we make policy systematic is we provide, and you can see this in Section Three in part three of the Monetary Policy report, each individual, each participant writes down their own forecast for the economy and the appropriate policy that goes along with it. From that you can get a clear sense of how we expect to conduct policy if the economy evolves in line with our forecast. Im not convinced that is clear because others in the market dont believe thats clear. Other economist dont believe thats clear. We are not trying to handcuff you, but we are asking that you write a rule within descriptive parameters to use as a reference point. Truly use it as a reference point. I know one of things you expressed here was we could find ourselves, if we had a rule, we could find ourselves in a negative Interest Rate. Simply solve that by writing a rule that says once we do that were to go to zero and no lower. We wont call it the taylor rule, well call it the yellen rule. We have something that will give predictability. Whether its others that have been in the federal Bank Reserves have said that predictability and transparency is the way to go. I know you know that we have a good discussion draft floating around that has some of that information in their, so just so im clear, you dont believe there is a time that will be right to again go toward a rulebased policy . I think we need a systematic policy, but i would strongly resist agreeing to follow any rule where at the stance of Monetary Policy depends on only the current readings of two economic variables, which is what youre reference rule relies on. Thats what the reference rule relies on but thats not what you have to follow. The ims says you shouldnt be raising Interest Rates the central bank had said lower rates to get lower late rates. Theres a lot of confusion out there as to the direction we are going and we are looking for clarity. We are following a systematic policy. The time has expired. We recognize this lady. Thank you so much and my colleague, the the chair of the Monetary Policy and trade subcommittee has been discussing with you the taylor role. Id like like to pursue that a little more. The ims is warning that if greece leaves the eurozone that it might slow growth internationally and impact the u. S. Much harder than expected. I would like you to speculate how if you are handcuffed